But while stocks have stalled a bit lately, investors aren't exactly panicking. The recent slump comes just a week after the Dow and S&P 500 hit record highs. All three major indexes are still up between 16% and 25% for the year.

Most investors expect Congress will strike a last-minute deal to raise the debt limit.

J.C. Penney(JCP) shares sank 14% on news that the struggling retailer will raise $810 million via a public offering of 84 million shares. While this money will give J.C. Penney a cash cushion for its attempted turnaround, current shareholders will see their stock diluted.

Some traders are still bullish though. "$JCP. S&P said credit rating remains the same and they expect proceeds to be $925 million. Go Long. Bullish," TechTrader17 wrote on StockTwits.

But not everyone is convinced of a turnaround. "I would consider buying $JCP here if I had any faith in the management team - which I do not, they are a feckless bunch of scatter brains," FairOaksTrader commented.

BlackBerry(BBRY), which announced plans this week to go private, released dismal earnings Friday morning, including a $965 million quarterly loss. Still, these losses were widely anticipated, since BlackBerry had preannounced results late last week. The company's stock rose 1%.